The study explores the role of administration in the rapid socio-economic transformation of Nigeria. The objectives of this study were to asses the challenges, progress and efforts of the stakeholders towards achieving socio-economic development in Nigeria, identify and evaluate the role of domestic financial institutions and public expenditure in the mobilisation of financial resources for productive investment to complement foreign investment in the development process in Nigeria. The data used were sourced from the CBN statistical bulletin for the period 1986 to 2018. Two research questions guided the study. The data collected were analyzed using multiple linear regression. The result revealed that progress and efforts of stakeholders have been made towards achieving socio-economic development in Nigeria, domestic financial institutions and public expenditure mobilise financial resources for productive investment to complement foreign investment in the development process of Nigeria. Following the findings, it was recommended that domestic financial institutions should be made standard and competitive, more public expenditure should be expended for productive investment in Nigeria, government should come up with stable policy guideline to enable increase in production base of Nigeria.
Keywords: administration, socio-economy growth, Nigeria.
TABLE OF CONTENTS
Title page – – – – – – – – i
Declaration – – – – – – – ii
Certification – – – – – – – iii
Dedication – – – – – – – iv
Acknowledgement – – – – – – v
Abstract – – – – – – – – vi
Table of content – – – – – – – vii
CHAPTER ONE :INTRODUCTION
1.1. Background to the study – – – – – 1
1.2. Statement of problem – – – – – – 5
1.3. Research questions – – – – – – 5
1.4. Objectives of the study – – – – – 6
1.5. Research hypotheses – – – – – 6
1.6. Significance of the study – – – – – 7
1.7. Scope of the study – – – – – – 7
1.8. Organization of the study – – – – – 8
CHAPTER TWO: LITERATURE REVIEW
2.1. Conceptual Literature – – – – – 9
2.1.1. Economic Growth – – – – 9
2.2.2. Good Governance – – – – – – 11
2.2.3. Administration – – – – – – 14
2.2.4. Strategies for Ensuring Good Governance and Sustainable
Development – – – – – – 15
2.3. Empirical Literature – – – – – 17
2.3.1. Dennis Chiekweiro Uzoigwe (2007); Economic Development
in Nigeria through the Agricultural, Manufacturing and
Mining Sectors: An Econometric Approach – – 17
2.3.2. Ohiomu, Sylvester & Dibie Kashiari Esther (2014); good
governance as a panacea for rapid economic transformation
and sustainable development in Nigeria – – 18
2.2. Theoretical Literature- – – – – – 19
2.4.1. The neoclassical growth model (Solow–Swan model
of economic growth) – – – – – 19
2.4.2. Harrod–Domar model – – – – – 22
2.4.3. Endogenous growth theory – – – – 23
2.4. Theoretical Framework – – – – 24
2.5. Gaps in Literature – – – – – 25
CHAPTER THREE: RESEARCH METHODOLOGY
3.1. Types and sources of data- – – – – – 26
3.2. Method of estimation – – – – – 26
3.3. Model specification- – – – – – 27
3.4. Evaluation criteria. – – – – – – 30
CHAPTER FOUR: PRESENTATION AND ANALYSIS OF
4.1. presentation of results – – – – – 31
4.2. Analysis of results – – – – – – 32
4.2. Summary of major findings – – – – – 40
4.3. Policy implication of findings- – – – – 40
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1. Summary of the finding – – – – – 42
5.2. Conclusion – – – – – – – 43
5.3. Recommendations – – – – – – 44
5.4. Limitations to the study – – – – – 44
5.5. Suggestions for further studies – – – – 44
REFERENCES – – – – – – 45
APPENDICES – – – – – – – – 47
1.1. Background to the Study
At the dawn of this twenty-first century, strong efforts are being made round the world to accelerate the pace of economic growth and development. Concerns such as poverty eradication, empowerment of women, improvement in education, health and environmental protection for people living in the developing countries have received increased attention in world. There is a general belief that the economic development of any country depends on the quantity and quality of its resources (renewable and non-renewable), the state of technology and the efficient utilisation of resources in both the production and consumption processes.
The ultimate desire of humans is to enjoy certain level of good and quality life, as a result, all nations aspire to achieve or attain the goals of rapid economic transformation and sustainable development. Rapid economic development and social well-being constitute the development imperative of developing countries of the world and indeed, remain the normative goal of the international community. This involves the attainment of sufficient levels of economic growth to allow for a progressive improvement in the material standard of living of the populace.
Administration is conceptualized as management of public affairs; government. It involves the act of managing duties, responsibilities or rules. Developmental administration refer to the directly government-led effort to intervene in the process of socio-economic development of a nation. Modernisation, socio-economic development, institution building, and creation of an integrated political community. The crux of development administration is therefore, societal change in the direction of modernity.
National development remains a vital future of a nation, as such, its realization is dependent on efficient application of good governance and development administration. This will culminate into the improved economy and better standard of living among the citizens. Formulation and implementation of friendly policies will attract and encourage the citizens to participate both in economic and political activities freely within the confines of the state‘s policies. The smooth operation of economic and political activities will ensure social order. Sharma, Sadana and Kaur (2013) observed that,
Good governance establishes the rule of law, enforces contracts and agreement between the individuals, maintains law and order, guarantees security to the people, economizes on cost and resources, protects the government and properly delivers services to the society. It also determines an optimal size of the government and makes best possible use of government resources.
Implementing a roadmap or adopting a framework on a people-oriented policy by the succeeding administration, though on a different political platform, is an element of good governance.
However, it is evident that Africa is presently riddled with poverty, disease, ignorance, food insecurity and famine, with a large external debt and continued mismanagement of human, material and physical resources (Iwuagwu, 2000). It is not surprising, therefore, that 22 of the 36 poorest countries of the world are in Africa. In the case of Nigeria, despite its large renewable and non-renewable resources, the country is still grappling with mounting economic problems of unemployment, hunger, poverty, external debt burden and decaying public infrastructures. President Obasanjo (2006) noted that the building blocks for the diversification of the Nigerian economy and the priority sources of growth for the economy are agriculture, manufacturing, solid minerals and construction. Despite its temporary economic setbacks, Nigeria needs substantial investment in physical and human infrastructure and social capital (Blignaut & Parsons, 2005).
1.2. Statement of the Research Problem
Every government hopes to achieve sustainable development. The widely accepted view is that good governance is crucial to sustainable development Governance is the manner in which power is exercised in the management of a country’s economic and social resources. Obadan (2001) summarises the development challenges facing the country today as follows: how to revive the prostate economy, promote efficient and respectable economic growth, and increase productivity; and how to establish and sustain a viable and stable macroeconomic framework in the context of a stable democratic political system. In light of deteriorating social indicators, the government must urgently begin to reduce poverty, create employment opportunities and revive the infrastructural services in the country. Reflecting on the performance of Nigeria’s economy, Abdulahi (2002) concludes that it is still not satisfactory for the average Nigerian citizen. Thus this study seeks to examine the role of administration in the rapid socio-economic transformation of Nigeria.
1.3. Objectives of the study
The aim of this study was to assess the role of administration in the rapid socio-economic transformation of Nigeria. The specific objectives are to:
- asses the challenges, progress and efforts of the stakeholders towards achieving socio-economic development in Nigeria.
- identify and evaluate the role of domestic financial institutions and public expenditure in the mobilisation of financial resources for productive investment to complement foreign investment in the development process in Nigeria.
1.4. Research Questions
This study will be guided by the following research questions:
- What are the challenges, progress and efforts of the stakeholders towards achieving socio-economic development in Nigeria?
- To what extent does domestic financial institutions and public expenditure mobilise financial resources for productive investment to complement foreign investment in the development process in Nigeria?
1.5 Research Hypotheses
The research is guided by the following hypotheses
- H0: There are no challenges, progress and efforts of the stakeholders
towards achieving socio-economic development in Nigeria.
- H0: financial institutions and public expenditure financial resources do not
affect productive investment to complement foreign investment in the
development process in Nigeria.
1.6. Significance of the Study
The critical nature of proper developmental administration to the success or development of any economy is given. Empirically, this study is carried out to assess the role of administration in the rapid socio-economic transformation of Nigeria so as to ameliorate the country from her low productivity problem.
This study will be important to policy makers, as it will help guide them on how to diversify the economy so as to improve the productive base of the country. This study will be of utmost importance to investors, government and the researchers because it will provide policy recommendations to the various Nigeria stakeholders taking adequate measures in public organizations. It will contribute to existing literature on the subject matter by investigating empirically the role, administration plays in the country. This study will be of benefit to;
The Academia: members of the academia will find the study relevant as it will also form basis for further research and a reference tool for academic works.
Government: this study will reveal to the government happenings in the economy. Formulation and implementation of policies based on this findings would ensure development in the country.
Investors: this study shall also be valuable to the investors especially those who may have research interest as it shall guide their private investment decisions.
1.7. Scope of the Study
This study is intended to assess the role of administration in the rapid socio-economic transformation of Nigeria. The study covered the period of 1986-2018. This is due to structural adjustment programmes in the country and data recorded from the period.
1.8. Operational Definition of Terms
The following terms have been defined operationally.
- Administration: the management of public affairs; government.
- Role: the function assumed or part played by a person or thing in a particular situation.
- Governance: the manner in which power is exercised in the management of a country’s economic and social resources.
1.9 Organization of the Study
This study is divided into five chapters. Chapter one is introduction which consists of the background to the study, statement of problem, research questions, objectives of the study, the significance of the study, the scope and limitations of the study and finally the organization of the study. Chapter two deals with the literature review which consists of the conceptual literature, theoretical literature, empirical literature, theoretical framework, gaps in literature. Chapter three gives the research methodology including techniques of analysis of data, types and sources of data, method of estimation and model specification. Chapter four is presentation and analysis of results which contains the presentation of results, interpretation of results and summary of major findings. Chapter five gives the summary, conclusion and recommendations.